Market Overview:

The Global Bromine Market Size Was Valued At USD 3.20 Billion In 2022 And Is Projected To Reach USD 4.77 Billion By 2030, Growing At A CAGR Of 5.13% From 2023 To 2030.

In the group of halogens, bromine is the third-largest element. It is a red liquid with the atomic number 35 that is solid at room temperature. Bromine is used in many places around the world as a reactant and a catalyst. Bromine is used to make medicines, disinfectants, biocides, agrochemicals, dyes, chemicals for taking photos, and flame retardants. The most bromine comes from the Dead Sea. It is found in Israel and the United States, among other places. People everywhere think that these two places are the most productive. In this way, the growth of the global bromine market is being driven by the rising demand for bromine. End-user industries like oil and gas, textiles, aerospace, cars, cosmetics, and drugs are becoming more interested in this global market. Aside from this, environmental worries about how bromine is used are slowing the growth of the global market in a big way.

There are three parts to the global bromine market: applications, derivatives, and industries that use bromine. Most people think that the organobromides derivatives will have the biggest share of the global market. Also, over the next few years, the goal for this segment was to have the highest CAGR. Organobromides are also being used in more industries, like cars, oil, electronics, and gas, which is increasing the demand for bromine on the global market.

COVID-19 Impact:

Due to the Coronavirus (Covid-19) Pandemic, things have changed quickly on the market. Bromine is often used in pharmaceuticals as an anticonvulsant. It is also used to make sedatives, painkillers, and antihistamines. This is likely to make the global bromine market grow faster between 2021 and 2022.

Market Dynamics:

Market Trends:

A lot of people go hungry and don't get enough food because there isn't enough food, the world's population is growing, and there is less land to grow crops. This is one of the main things that makes it a good idea to use bromine to improve crop yields and meet people's nutritional needs. Also, the governments of many countries are trying to get farmers to use modern farming methods that involve storing products like grains, cotton, and fresh fruits and vegetables for a long time. This, in turn, is causing more people to buy bromine to keep pests from ruining products that have been stored for a long time. It is also used to make both OTC (over-the-counter) and prescription drugs. This, along with the fact that chronic diseases are becoming more common, is driving up the demand for bromine to treat heart problems, thyroid hyperactivity, hysteria, seizures, and colic in babies. Aside from this, the growing food and drink (F&D) industry is also a reason why bromine is used as an emulsifier in drinks. The market is also expected to be driven by the growing number of ways it is used to make fumigants, dyes, textiles, compounds for purifying water, chemical intermediates, furniture foam, and plastic cases for electronics.

Driving Factors:

• Rising Demand for Plastic from the Automotive Industry

A lot of people go hungry and don't get enough food because there isn't enough food, the world's population is growing, and there is less farmable land. This is one of the most important reasons why bromine is used to increase crop yields and meet people's nutritional needs. Also, the governments of many countries are trying to get farmers to use modern farming methods that involve storing products like grains, cotton, and fresh fruit and vegetables for a long time. This, in turn, is leading to more sales of bromine, which is used to keep pests from eating products that have been stored for a long time. It is also used to make both over-the-counter (OTC) and prescription drugs. This, along with the growing number of chronic diseases, is increasing the need for bromine to treat heart problems, thyroid hyperactivity, hysteria, seizures, and colic in babies. Aside from this, the growing food and beverage (F&B) industry is also a reason why bromine is used as an emulsifier in drinks. The market is also expected to be driven by the growing use of it to make fumigants, dyes, textiles, compounds for purifying water, chemical intermediates, furniture foam, and plastic cases for electronics.

• Increasing Demand for Disinfectants and Biocides

The bromine market is likely to grow because more people are using disinfectants and biocides. The growth of oil and gas-related activities like drilling fluids is another big thing that is driving the growth of the bromine market. In the oil and gas drilling process, bromine is often used to make clear brines. All of these things are expected to help the bromine market grow over the next few years.

• Increasing Demand for Flame Retardants in Electronics, Consumer Goods, and Textile Industries

Brominated flame retardants stop fires by making a layer of free radicals that slows down the burning process. They either give off carbon dioxide or free radicals that join with oxygen molecules and stop the oxidation process. Flame retardants are used in a lot of different things, like furniture, textiles, electronics, building materials, and more.

Restraining Factors:

• Emergence of Non-Halogenated Flame Retardants

Brominated flame retardants have been hit hard by concerns about the environment and possible health risks. Some countries have made it illegal to use bromine in electronics and textiles because of new rules about the environment, health, and fire safety. Bromine flame retardants have been replaced by flame retardants that don't have any halogens in them. These alternatives could make it harder for the bromine market to grow in the future.

Opportunities:

• Increasing Use of Bromine in Flow Batteries

Bromine-based batteries can be used instead of lithium batteries because they cost less. Bromine-based batteries last a long time and don't break down over time. Bromine flow batteries store energy as a liquid in separate tanks, while lithium batteries store energy in the electrodes. Hydrogen-bromine flow batteries are a reliable and sustainable source of power for large-scale industrial units. They are also used in many industries around the world as reliable energy storage solutions.

• Growth of Chemical and Pharmaceutical Industries

Over the next few years, big market opportunities are likely to come from the growth of the chemical industry, which is happening because more chemicals are being made and used. Cefic Facts & Figures 2020 says that the world market for chemicals was worth $3,820 billion in 2018. From US$ 3730 billion in sales in 2017 to US$ 3820 billion in sales in 2018, a 2.5% increase. So, it is expected that growth in the chemical industry will help the bromine market grow.

The rise of the pharmaceutical industry and the growing need for bromine in drug formulations are expected to create huge market opportunities. A lot of over-the-counter and prescription drugs are made with ingredients that are based on bromine. Also, bromine can make the central nervous system less sensitive. Because of this, it is also used to make anti-epileptics, tranquilizers, and sedatives.

• Rising Adoption of Bromine-Based Storage Technology

Since the production of non-conventional energy is going up, more and better ways to store energy are needed. Due to ongoing research and development (R&D), bromine-based technology has become a cost-effective way to store clean energy. This is helping the bromine market grow. This technology is being used more and more in grids because it allows batteries to be charged without changing the way their electroactive materials work.

Challenges:

• Significant Fluctuations in Oil & Gas Prices

Bromine is often used to keep high-pressure oil wells stable during oil and gas drilling. Due to a drop in demand, the oil and gas industry used a lot less bromine than it used to. Also, people from OPEC countries have said that oil production needs to be cut back because demand is low. This has stopped oil and gas drilling and exploration of new sites.

• Toxicological Effects of Brominated Compounds

Since the 1970s, flame retardants and other brominated compounds have been added to consumer products like electronics, plastics, and many others to cut down on fire-related injuries and property damage. More people are worried about this group of chemicals because they can be dangerous and are bad for health and the environment. Brominated flame retardants (BFRs) are made and used everywhere, which makes the environment dirtier. Animals and other wildlife are also hurt by these chemicals. But the toxicology databases we have now don't give us enough information to understand the risk. Many of the studies that have been done so far have used commercial mixtures, which don't show how people are exposed.

Strategic Development:

• In June 2021 - Gulf Resources Inc. will open Bohai Marine Fine Chemical Industrial Park, a new chemical factory in the Shandong Province of China. The civil work for this project is done, so the factory will focus more on making pharmaceutical intermediates that make more money.
• In June 2020 - Tosoh Corporation decided to make its Nanyo Complex in Shunan City, Yamaguchi Prefecture, able to make more bromine. Bromine is used to make flame retardants, fungicides, medicines, and chemicals that are used in farming. The expansion project cost the company about USD 90 million. It will make the company about 30% more productive than it was before. By January 20, 2023, the project should be done.
• In July 2019 - LANXESS AG stopped using hexabromocyclododecane (HBCD), which is now banned, as a flame retardant for expanded (EPS) and extruded (XPS) polystyrene. Instead, they started using Emerald Innovation 3000. Before, most electronics and electrical applications of Emerald Innovation 3000 used it as a flame retardant. Brominating an alternating polystyrene-butadiene copolymer made this product, which helped cut down on the use of the harmful chemical hexabromocyclododecane (HBCD).
• In September 2019 - Israel Chemicals Ltd. said that it wants to be able to make about 25,000 metric tonnes of bromine compounds each year. The company will spend about USD 50 million on this expansion and hopes to get USD 110 million back.
• In September 2019 - Israel Chemicals Ltd. planned to raise their production capacity to about 25,000 tons. There is a plan to invest 50 million dollars, which could bring in up to 110 million dollars. This decision was made after deals were made with a lot of customers in Asia.
• In July 2019 - Lanxess Corporation switched from using hexabromocyclododecane as a flame retardant to using Emerald Innovation 3000 as a flame retardant and extruding polystyrene instead. Hexabromocyclododecane is no longer allowed to be used. Hexabromocyclododecane was used less because of this product.

Key Vendors:

Top market players are

• ICL Group Limited (Israel)

ICL is a leading global specialty minerals company that works in the food, agriculture, and industrial markets to solve the world's sustainability problems. The company has a unique set of natural resources, a passionate team of talented employees, and innovative technology. These things make a difference by increasing food production, making sure food quality, making agriculture and industrial production more sustainable, and protecting the environment.

• Albemarle Corporation (US)

Albemarle is the best in the world at turning essential resources into important parts for transportation, energy, communication, and health. Based on expertise in bromine and lithium, we work with the customers to find new ways to move, power, connect, and protect people and the planet.

• LANXESS AG (Germany)

Specialty chemicals are made and sold by LANXESS AG, which is a holding company. It has five business areas: Advanced Intermediates, Specialty Additives, Performance Chemicals, High Performance Materials, and Arlanxeo.

• Tosoh Corporation (Japan)

Tosoh Corp (Tosoh) makes and sells basic chemicals, specialty products, petrochemicals, and fine chemicals for industry, as well as specialty products and materials for high technology and niche markets. The company makes olefins, polyethylene, functional polymers, cement, caustic soda, inorganic and organic fine chemicals, measuring and diagnostic tools, functional materials, and urethane materials.

• TATA Chemicals Limited (India)

Tosoh Corp. (Tosoh) makes and sells basic chemicals and specialty chemicals. Tata Chemicals Limited (TCL) is part of the Tata Group and provides sustainable chemistry solutions based on science. The company is a global leader in its basic chemistry products business. It operates in more than 100 countries on six continents and has a leading portfolio of soda ash, sodium bicarbonate, salt, and other products. The company also makes petrochemicals and fine chemicals for industry, as well as specialty products and materials for high-tech and niche markets. The company makes olefins, polyethylene, functional polymers, cement, caustic soda, inorganic and organic fine chemicals, measuring and diagnostic tools, functional materials, and urethane materials.

• Gulf Resources Inc. (China)

Gulf Resources Inc. makes chemical products that are used in oil and gas field exploration, oil and gas distribution, oil field drilling, wastewater treatment, chemical agents used in papermaking, and inorganic chemicals.

• TETRA Technologies Inc. (US)

TETRA Technologies is an energy services and solutions company that focuses on bromine-based completion fluids, calcium chloride, water management solutions, frac flowback, and production well testing services. Calcium chloride is used in the oil and gas, industrial, agricultural, road, food, and drink markets. With its knowledge of chemistry, key mineral acreage, and global infrastructure, TETRA is changing its business model to move into the low-carbon energy market.

• Solaris Chemtech Industries Ltd. (India)

Solaris Chemtech, which is part of the Excel Group of Companies, makes more bromine and bromine chemicals than any other company in India. Solaris helps a wide range of industries and is the market leader in the segments where it works.

• Honeywell International Inc. (US)

Honeywell International Inc. is a technology and manufacturing company with offices all over the world. The company makes and sells products and services for the aerospace industry. It also makes control, sensing, and security technologies for commercial buildings, as well as solutions for safety and productivity, specialty chemicals, advanced materials, process technology for refining and petrochemicals, and products and services that save energy.

• Perekop Bromine (Russia)

Perekop Bromine is the only company in Ukraine that makes bromine and bromides. It is also the largest company that does this in the CIS and Eastern Europe. The company makes bromine and its derivatives. It is strengthening its leading positions in the world's bromine production by making better use of assets it is getting rid of and buying new ones. The company tries to make its organizational structure and policies as clear as possible.

Segmentation Analysis:

The market is segmented on the basis of derivative, application, end-user and region.

By Derivative:

The market is split into Organo Bromine, Clear Brine Fluids, and Hydrogen Bromide based on what they are used for. During the next few years, the largest market share will be held by the organo bromine segment. The demand for this segment is growing because it is used a lot to make brominated flame retardants, pesticides, fumigants, and biocides for water treatment, among other things.

• Organo Bromine
• Clear Brine Fluids
• Hydrogen Bromide

By Application:

The market is split into Flame Retardants, Oil & Gas Drilling, PTA Synthesis, Water Treatment, and Others based on how it is used. During the next few years, the segment with the largest market share will be flame retardants. Brominated flame retardants (BFRs) are compounds that contain bromine and are mixed with other substances to slow the rate at which they burn. Most end-use industries, like electronics and consumer goods, building and construction, automotive, and textile, use these.

• Flame Retardants
• Oil & Gas Drilling
• PTA Synthesis
• Water Treatment
• Others

By End-User:

On the global bromine market, there are markets for agriculture, textiles, drugs, oil and gas, cars, cosmetics, and other things. During the period looked at, the market is most likely to grow in the automotive, oil, electronics, and gas end-use industries.

• Agriculture
• Textiles
• Pharmaceuticals
• Oil & gas
• Automotive
• Cosmetics

Regional Insights:

The latest market survey by CDI shows that China is likely to be the country that uses the most bromine and its derivatives. More than half of all bromine and its derivatives are made in the chemical and oil and gas industries. China should have a strong demand over the next few years because the chemical industry is the biggest user.

Because there are so many chemical companies in China, it is known as the center of the chemical industry. Over the next few years, the country is expected to create a huge opportunity for the global bromine industry because businesses that use bromine are expected to grow. The country's manufacturers should be able to make enough to meet most of the needs of the country. But the country has to rely on imports from the MEA region, especially from Jordan and Israel, which are close to the Dead Sea, which has the largest bromine reserve in the world.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The study includes a size and forecasting analysis of the market, which was checked by key industry experts who have been verified.
• The report gives a quick look at how the industry as a whole has done.
• The report gives a detailed look at some of the most important companies in the same industry. The main focus is on key business financials, product portfolios, expansion plans, and new developments.
• A thorough look at the industry's main drivers, barriers, key trends, and opportunities